Solar/wind energy storage market set for rapid growth

The Informer
Posted on: 20/03/2018

A new report has predicted that the global hybrid solar-wind energy storage market will be worth $1.5 billion (£1.1bn) by 2024.The report highlighted how the UK Government’s Clean Growth Strategy will provide a boost to the energy storage market.

“Developers across the country are working aggressively towards CUF (capacity utilisation factor) enhancement of their existing renewable systems, which in turn will positively impact the business outlook,” the report said.

It also noted the work being done by companies including Ecotricity to enhance their wind farms.

Paris Agreement

The report added: “Growing environmental concerns along with the introduction of national renewable integration targets by respective governments will drive the hybrid solar wind energy storage market.

“Favourable government policies and subsidies to promote the deployment of clean energy systems will stimulate the product demand.

“For instance, the renewable integration targets abided by 195 countries in line with the United Nations Climate Change Conference in 2015 has resulted in steep growth toward the adoption of hybrid technologies.”